Big Lots profit edges up in Q4; 50 stores on tap for fiscal 2013

By Katherine Boccaccio

Columbus, Ohio -- Big Lots reported Wednesday that net income for the fourth quarter rose to $120.3 million, from $114.7 million in the year-ago period. Sales in the U.S. increased 4.4% to $1.7 billion from $1.6 billion, and domestic same-store sales dipped 3.5%.

For the full year, income from continuing operations dropped to $177.2 million, from $207.2 million in the prior fiscal year. This year’s results included $3.4 million in charges related to new inventory system implementation.

Total sales for the year increased 3.8% to $5.4 billion.

The company said that it plans to open 50 new stores in fiscal 2013, and close 45. In Canada, it will open two to three stores and close a similar number.